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Gathering data ahead of time may help with property division

Ending a marriage in Pennsylvania can understandably be challenging for both emotional and financial reasons. Not knowing where to start and what steps to take long term only add to the stress of going through a divorce. However, a few tips may help with navigating the financial aspect of divorce, especially when it comes to property division.

The division of debts and assets is one of the most contentious areas of divorce. Before tackling this task, gathering bank account statements as well as statements for retirement and non-retirement accounts is critical. Information on the values of property, such as boats and cars, as well as real estate may also be beneficial to obtain. Likewise, the value of a life insurance policy that has a cash value, statements from credit card companies, information about car loans and other types of loans, and information on the mortgage are all important to known as well.

In some situations, a spouse may be concerned that the other party has been misusing the family money. In this case, he or she may want to gather debt and asset statements dating back multiple months or even years. The process of gathering all of this data might seem overwhelming, but it is a crucial part of becoming educated and empowered if one has not played a major role in the family finances during the marriage.

Professionals may also assist with determining household expenses and income during the process of divorce. With this information, a divorce attorney can help a spouse to make educated decisions about property division and other financial matters, such as spousal maintenance. The attorney's goal in Pennsylvania is to make sure that the spouse's best interests are protected during all stages of the divorce proceeding.

Source: flagstaffbusinessnews.com, "Financial Considerations in Divorce", Jan. 18, 2018

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